Report
Denise Molina
EUR 101.80 For Business Accounts Only

Impressive U.S. Revenue Growth While Margins Still Flatlining; Shares Overvalued

With nine months of its fiscal year now in the bag, Wolseley seems to be successfully growing its U.S. market share but at the expense of margin expansion. Organic revenue grew 9.4% in the U.S. and 6% at the group level in the first three quarters of the year. Since 2011, the company has maintained average organic U.S. revenue growth of nearly 8%--very solid. Nevertheless, the company’s margin has not benefited from the top-line growth, with U.S. trading profit margin flatlining at 8% since 2014...
Underlying
Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Denise Molina

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